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Dear Life Sciences Queensland Members and Stakeholders,
On behalf of the LSQ board, I am pleased to share with you the findings of the Life Sciences Queensland (LSQ) Strategic Review, a comprehensive assessment of our organisation's current position and future direction. This review, conducted with the support of Intellect Labs, provides a clear pathway for LSQ's evolution and outlines key considerations for ensuring our long-term sustainability and value to you, our members. Our analysis confirms LSQ's strong foundation, with an average membership retention rate of 85% over the past nine years. Our membership base is diverse, encompassing a wide range of subsectors and geographies, with a significant presence in the health and biomedical fields. This diversity is a testament to LSQ's broad reach and relevance across Queensland's vibrant life sciences sector.
The review also highlighted key priorities for our stakeholders, emphasising the importance of:
- Local events and networking to foster collaboration and connections within the life sciences community.
- Access to data-driven insights to support strategic decision-making and business development.
- Strong advocacy at both the state and federal levels to ensure the sector's needs are addressed.
In response to these priorities, LSQ will focus on strengthening our role in these areas, while also exploring opportunities to enhance collaboration across the ecosystem, particularly between research organisations, industry, and government.
The review also included an analysis of Queensland's lifesciences ecosystem, revealing its strength and diversity. The sector is comprised of both service (57%) and product development (43%) companies, demonstrating a strong capacity for commercialisation. We have identified key opportunities for growth, particularly in the medical devices and healthcare technology sectors, and will work to ensure LSQ plays a vital role in supporting this expansion.
Financially, LSQ has, and will, continue steps to ensure sustainability. We have implemented cost-saving measures, streamlining our operations, and are exploring new revenue streams. We are also to securing ongoing support from foundational partners and the Queensland government to enable us to deliver on our strategic priorities and provide maximum value to our members.
This is an exciting time for Life Sciences Queensland.
The Strategic Review has provided us with a roadmap for the future, and I am confident that by working together, we can achieve our shared vision of a dynamic, globally competitive, and sustainable life sciences sector in Queensland.
I encourage you to read the full report, which is attached, to gain a deeper understanding of the review's findings and recommendations. Thank you for your continued support and dedication to Life Sciences Queensland.
